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WesternOne Equity Income Fund Announces $655,000 Conversion of Convertible Debentures in the First Half of April 2011

VANCOUVER, April 18 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSX: WEQ.UN, WEQ.DB and WEQ.DB.B) today announced the
conversion of $640,000 principal amount of the 5 year, 9% senior
secured convertible debentures - Series A ("Series A Debentures") and
$15,000 principal amount of the 8.5% convertible unsecured subordinated
debentures ("Unsecured Debentures"), plus accrued interests thereon, to
158,940 WesternOne Equity Income Fund units ("Units") at the request of
debenture holders during the first half of April 2011.

As of April 15, 2011:

$5,960,000 principal amount of Series A Debentures, plus accrued
interests thereon, have been converted to 1,443,014 Units at a
conversion price of $4.20 since the public offering of Series A
Debentures on August 15, 2006; and

$15,000 principal amount of Unsecured Debentures, plus accrued interests
thereon, have been converted to 2,920 Units at a conversion price of
$5.25 since the public offering of Unsecured Debentures on February 16,
2010.

The combined addition of 1,445,934 Units resulted in a market
capitalization of $8.47 million based on a Unit price of $5.86 at the
close of the market on April 15, 2011.

As of April 15, 2011, 15,182,958 Units, $4,155,900 million principal
amount of Series A Debentures and $27,585,000 principal amount of
Unsecured Debentures were outstanding.

"We continue to see strong demand for Series A Debenture conversions
which further deleverage our existing capital structure, as well as
strengthen our market capitalization and liquidity," said Mr. Darren
Latoski, CEO of WesternOne Equity. "We are also very pleased to see the
first conversion of Unsecured Debentures shortly after the first
anniversary of its public offering in February 2010. This is a further
testament to our debenture holders' confidence in our business through
participation in the equity ownership of WesternOne Equity."

Forward-Looking Information

Certain statements in this press release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties and other factors, and it may cause actual results,
performance, achievements or industry results, to be materially
different from any future results, performance, achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would", and similar terms and phrases, including references to
assumptions. Such information may involve, but is not limited to,
comments with respect to strategies, expectations, planned operations
or future actions.

Forward-looking information included in this press release includes, but
is not limited to, statements with respect to WesternOne Equity's
business and management's assessment of future plans and operations.
Forward-looking information reflects current expectations of management
regarding future events and operating performance as of the date of
this press release. Such information involves significant risks and
uncertainties, should not be read as guarantees of future performance
or results, and will not necessarily be accurate indications of whether
or not such results will be achieved. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking information, and a description of these factors can be
found under "Risks and Uncertainties" in WesternOne Equity's Annual
Information Form dated March 31, 2011, which is available on SEDAR (www.sedar.com).

Although the forward-looking information contained in this press release
is based upon what the WesternOne Equity's management believes to be
reasonable assumptions, WesternOne Equity cannot assure investors that
actual results will be consistent with such information.
Forward-looking information reflects management's current beliefs and
is based on information currently available to WesternOne Equity. Such
information reflects current assumptions regarding future events and
operating performance including, without limitation, stability in the
economy in Western Canada, interest rates and the equipment rental and
sales and fuel wholesale markets in which WesternOne Equity operates,
and speaks only as of the date of this press release. The
forward-looking information is made as of the date of this press
release and WesternOne Equity assumes no obligation to update or revise
such information to reflect new events or circumstances, except as may
be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire businesses in the sector of
construction and infrastructure services, located primarily in the
Western Canadian provinces of British Columbia, Alberta and
Saskatchewan, in order to generate stable and growing distributions to
its unitholders as well as to achieve overall capital appreciation.